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Alex P. Hart Joins Tier Technologies as CEO and a Director

^{Published on 2010-08-16 14:55:21 - Market Wire}
 

RESTON, Va.--([ BUSINESS WIRE ])--Tier Technologies, Inc. (Nasdaq: TIER), a leading provider of electronic payment solutions for the biller direct market, announced that Alex P. Hart commenced employment as Tiera™s new President and Chief Executive Officer on August 16, 2010. Mr. Hart also joined Tiera™s Board of Directors on August 16.

Most recently, Mr. Hart was President of Fuelman FleetCard programs of FleetCor Technologies, the global leader in the fleet fuel card business. Previously he was executive vice president and general manager of CheckFree Corporationa™s Electronic Banking Services Division. In this role, he was responsible for the daily operations and strategic direction of the division, as well as identifying business development opportunities, which included growing CheckFreea™s online banking and electronic payment relationships with financial institution clients and channel partners. Mr. Hart served as president and CEO of Corillian Corporation, a leading provider of online banking and bill payment software and services, from 2002 until its acquisition by CheckFree in 2007 for $245 million in cash. During his tenure at Corillian, Mr. Hart also worked as executive vice president of corporate development, where he led the companya™s efforts in mergers and acquisitions, equity investments, and strategic alliances. Earlier in his career, Mr. Hart held a number of general management, business development and marketing roles at Microsoft and NationsBank. He holds a bachelor's degree from Harvard University.

Concurrently with the commencement of Mr. Harta™s employment, Charles W. Berger resigned as Tiera™s interim Chief Executive Officer. Mr. Berger will remain a member of Tiera™s Board.

Mr. Hart received options to purchase 400,000 shares of Tiera™s common stock on August 16, 2010. Options to purchase 300,000 shares were granted under the companya™s Amended and Restated 2004 Stock Incentive Plan. Options to purchase 100,000 shares were granted outside that plan, as an inducement material to his entering employment with the company. The options have an exercise price of $5.06 per share, which is equal to the closing price of the common stock on the NASDAQ Global Market on the date of grant, and will become exercisable, assuming his continued employment, as to 25% of the shares under the options on the first anniversary of the date of grant and as to an additional 1/48th on the same date in each succeeding month.

About Tier Technologies, Inc.

Tier Technologies, Inc. is a leading provider of electronic payment solutions in the biller direct market. Headquartered in Reston, Virginia, the company provides over 3,900 electronic payment clients in all 50 states and the District of Columbia with enhanced payment services that include multiple payment choices, payment channels, and bill payment products and services. Tier serves clients in multiple markets including federal, state, and local governments, educational institutions, utilities and commercial clients primarily through its wholly-owned subsidiary, Official Payments Corporation. For more information, see [ www.tier.com ] and [ www.officialpayments.com ].

Forward looking statements

Statements made in this press release that are not historical facts are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to future events or Tiera™s future financial and/or operating performance and generally can be identified as such because the context of the statement includes words such as amay,a awill,a aintends,a aplans,a abelieves,a aanticipates,a aexpects,a aestimates,a ashows,a apredicts,a apotential,a acontinue,a or aopportunity,a the negative of these words or words of similar import. Tier undertakes no obligation to update any such forward-looking statements. Each of these statements is made as of the date hereof based only on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results may differ materially from those projected in any of such statements due to various factors, including, but not limited to: general economic conditions, which affect Tiera™s financial results in all our markets, which we refer to as averticals,a particularly federal, state and local income tax and property tax verticals; the timing and the cost of consolidating our payment processing platforms and migrating our customers on to a consolidated platform; our ability to grow EPS Net Revenue while keeping costs relatively fixed; the potential loss of funding by clients, including due to government budget shortfalls or revisions to mandated statutes; the timing, initiation, completion, renewal, extension or early termination of client projects; our ability to realize revenues from our business development opportunities; the impact of governmental investigations or litigation; and unanticipated claims as a result of project performance, including due to the failure of software providers or subcontractors to satisfactorily complete engagements. For a discussion of these and other factors which may cause our actual events or results to differ from those projected, please refer to our quarterly report on Form 10-Q for our fiscal quarter ended June30, 2010, filed with the SEC.